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Bad Earnings Report for 500.com
Thursday, February 25, 2016 : ASIAN ONLINE LOTTERY SUFFERS ANOTHER BAD YEAR
500.com continues to be hobbled by Chinese crackdown on corruption.
The Chinese online lottery 500.com continued to be hobbled by the widespread Chinese crackdown on corruption last year, posting a disappointing 82.8 decline in net revenue at RMB99.6 million ($15.4 million) for FY-2015.
Operating losses continued, resulting in an alarming 301.6 percent y-o-y decline to a loss of RMB301.4 million compared with an operating profit of RMB149.5 million in 2014.
Net losses were recorded at RMB323.9 million.
Reporting on the "temporary" suspension of online lottery operations imposed by the Chinese government last March, Zhengming Pan, CEO of 500.com commented:
“We voluntarily and temporarily suspended our online lottery sales operations in response to the promulgation of the Self-Inspection Notice. Such temporary and voluntary suspension materially and adversely impacted our financial and operational results for the fourth quarter and full year of 2015.”
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Online Lottery Scammers Arrested in Jamaica -
Jamaicas Lottery Scam Task Force, a special unit set up by the Jamaican police to combat the national embarrassment that online lottery scams have become, has been in action again this week, arresting 4 individuals in predawn operations Friday.
AMAZON SHOWS INCREASING INTEREST IN E-SPORTS -
Launched during the annual Twitchcon expo in San Diego this week, the new currency will integrate directly with Twitch as the retailer looks to chase monetisation with the promotion of the currency.
Gameaccount H1-2016 numbers -
On Friday Dermot Smurfits GameAccount Network (GAN) business posted its H1-2016 numbers, reporting a net pre-tax loss of GBP 2.3 million - an improvement on the GBP 2.6 million it lost in the same period last year.
Pokerstars Now Lead Sponsor of Global Poker League -
Alex Dreyfuss Global Poker League has received a significant boost from the announcement by Dreyfuss Mediarex Sports and Entertainment company Friday that online pokers biggest operator, Pokerstars, has signed on as lead and exclusive GPL sponsor.
Betconstruch invests in Ucrafts -
BetConstruct may have also been attracted by the obvious interest in Ucrafts business - the start-up has already gained 5,000 subscribers in just a few months of commercial activity.
Plus500 Founders Selling Off Shares -
Alon Gonen and Gal Haber respectively sold 7.2 million shares, retaining a 10.4 percent interest in the company; and 2.6 million shares, retaining a smaller stake of just 3.6 percent.
Rush Golf Live Launches -
Virtual sports provider Inspired Gaming has announced the launch of its latest product - Rush Golf Live - with Betfred the first operator to carry the game.
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